Chalice Financial Network, a benefit organization for independent financial advisors, is expanding its offerings with new tools to support mergers and acquisitions, Chalice announced Thursday.
San Diego-based Chalice is adding a service to provide loan pre-qualifications, a business valuation calculator and a compatibility rating tool to expedite mergers and acquisitions among members. The firm already supported succession planning for members and has dubbed this new service Succession Link 2.0.
The new service helps match buyers and sellers among members, noted Keith Gregg, chairman and CEO of Chalice and CEO of Succession Link. Chalice offers human resources and consulting support that independent financial advisors need to operate as small businesses and has been expanding services and cutting its prices throughout the first half of 2019.
Chalice is partnering with Gladstone Associates, a consulting firm that serves financial services and fintech providers through the stages of buying and selling firms. Chalice members will receive a 20 percent discount on Gladstone advisory services.
Chalice also provides third-party technology, asset management, wealth management and business enterprise solutions for independent advisors through its membership structure.
Some of the new services provided through Succession Link 2.0 include a new website with compatibility ratings to improve buyer and seller matches; advisor lending with access to quicker turn times and lower interest rates through the loan agency Oak Street Funding; and a valuation calculator powered by BizEquity, an online business valuation firm.
“As independent business owners in the financial advisory space progress through their careers, they need full-service support,” including resources for mergers and acquisitions, whether they are buying or selling, Gregg said.
Chalice created its Chalice Advisor Exchange platform at the beginning of the year to provide both financial advisory support and small business support and charged $250 a month for its services. It subsequently lowered the price to $99.99 a month and offered a guarantee that advisors would recoup the cost of membership within three months or their money back.
At the time of its launch, Gregg said other firms offer support for advisors’ financial services operations but do not help advisors as small business operators. Chalice offers small business support, including health insurance for advisors and their staffs.